HighTower Advisors LLC Increases Position in Ameriprise Financial, Inc. $AMP

HighTower Advisors LLC increased its position in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 11.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 45,654 shares of the financial services provider’s stock after purchasing an additional 4,634 shares during the period. HighTower Advisors LLC’s holdings in Ameriprise Financial were worth $22,427,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of AMP. Vanguard Group Inc. raised its holdings in Ameriprise Financial by 0.9% during the second quarter. Vanguard Group Inc. now owns 12,432,261 shares of the financial services provider’s stock valued at $6,635,471,000 after acquiring an additional 111,386 shares during the period. JPMorgan Chase & Co. raised its stake in Ameriprise Financial by 7.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,270,995 shares of the financial services provider’s stock valued at $3,347,019,000 after purchasing an additional 446,080 shares during the period. Geode Capital Management LLC lifted its holdings in Ameriprise Financial by 1.7% in the 2nd quarter. Geode Capital Management LLC now owns 2,818,428 shares of the financial services provider’s stock worth $1,500,115,000 after purchasing an additional 47,584 shares in the last quarter. Norges Bank bought a new position in Ameriprise Financial in the 2nd quarter worth approximately $693,736,000. Finally, Boston Partners boosted its stake in Ameriprise Financial by 3.1% in the 2nd quarter. Boston Partners now owns 1,179,876 shares of the financial services provider’s stock worth $629,650,000 after purchasing an additional 35,500 shares during the period. Institutional investors own 83.95% of the company’s stock.

Ameriprise Financial Trading Up 2.0%

Shares of AMP stock opened at $478.23 on Thursday. The company has a market cap of $44.43 billion, a PE ratio of 13.15, a price-to-earnings-growth ratio of 1.09 and a beta of 1.26. Ameriprise Financial, Inc. has a 1 year low of $396.14 and a 1 year high of $550.18. The stock’s 50 day simple moving average is $501.75 and its two-hundred day simple moving average is $490.16. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.68 and a quick ratio of 0.68.

Ameriprise Financial (NYSE:AMP) last announced its earnings results on Thursday, January 29th. The financial services provider reported $10.83 EPS for the quarter, topping analysts’ consensus estimates of $10.33 by $0.50. Ameriprise Financial had a return on equity of 63.04% and a net margin of 19.28%.The firm had revenue of $4.90 billion during the quarter, compared to analysts’ expectations of $4.75 billion. During the same quarter in the previous year, the business earned $9.54 EPS. The company’s quarterly revenue was up 10.2% on a year-over-year basis. Research analysts predict that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

Ameriprise Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, February 27th. Stockholders of record on Monday, February 9th will be paid a $1.60 dividend. The ex-dividend date of this dividend is Monday, February 9th. This represents a $6.40 annualized dividend and a dividend yield of 1.3%. Ameriprise Financial’s dividend payout ratio is currently 17.60%.

Insider Activity

In other news, insider Gumer Alvero sold 4,658 shares of the company’s stock in a transaction that occurred on Monday, February 9th. The stock was sold at an average price of $542.88, for a total transaction of $2,528,735.04. Following the transaction, the insider owned 4,621 shares of the company’s stock, valued at approximately $2,508,648.48. This represents a 50.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Walter Stanley Berman sold 7,000 shares of the stock in a transaction that occurred on Thursday, February 5th. The stock was sold at an average price of $544.22, for a total value of $3,809,540.00. Following the completion of the sale, the chief financial officer owned 5,609 shares in the company, valued at approximately $3,052,529.98. The trade was a 55.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 18,158 shares of company stock worth $9,675,085 over the last 90 days. Insiders own 0.73% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Piper Sandler raised shares of Ameriprise Financial from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $434.00 to $530.00 in a report on Friday, January 30th. Jefferies Financial Group boosted their price target on shares of Ameriprise Financial from $600.00 to $620.00 and gave the stock a “buy” rating in a research note on Monday, February 2nd. Raymond James Financial set a $582.00 price objective on Ameriprise Financial and gave the company a “strong-buy” rating in a research report on Wednesday, February 11th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $605.00 target price (up from $580.00) on shares of Ameriprise Financial in a report on Monday, February 2nd. Finally, Keefe, Bruyette & Woods dropped their price target on Ameriprise Financial from $550.00 to $530.00 and set a “market perform” rating for the company in a research note on Monday, November 3rd. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Ameriprise Financial has an average rating of “Hold” and an average price target of $555.67.

About Ameriprise Financial

Ameriprise Financial, Inc is a diversified financial services company headquartered in Minneapolis, Minnesota. The firm provides a range of advice-based wealth management, asset management and insurance products to individual and institutional clients. Its business model centers on delivering financial planning and investment advice through a network of financial advisors alongside proprietary product offerings designed to meet retirement, protection and accumulation needs.

Core products and services include comprehensive financial planning and advisory services, managed investment portfolios, retirement planning solutions, annuities and life insurance products.